Wema Bank Plc has successfully raised N50 billion through a private placement, pushing its total qualifying capital to N264 billion, N64 billion or 32 per cent above regulatory requirement of N200 billion.

The bank yesterday stated that it has received all requisite regulatory approvals for the completion of its N50 billion private placement, which was fully subscribed.

The bank had also last month completed its N150 billion rights issue. With these, the bank now has a total of N264.87billion in qualifying capital, above the minimum requirement of N200 billion for its category of commercial bank with national authorisation.

Managing Director, Wema Bank Plc, Mr. Moruf Oseni, said the completion of the private placement and above-minimum capital base marked another significant milestone in the execution of the bank’s capital management programme aimed at fortifying its balance sheet, supporting future growth ambitions, and ensuring full compliance with the Central Bank of Nigeria’s (CBN) revised minimum capital requirements.

He said: “We are delighted to have received all necessary regulatory approvals for our N50 billion special placement. This marks another major step in our strategy to strengthen Wema Bank’s capital base, enhance liquidity, and position the institution to pursue emerging opportunities for sustained growth. We appreciate the continued confidence and support of our shareholders, regulators, and customers as we execute our growth agenda”.

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He outlined that the net proceeds from the capital raise would be deployed to continue the acceleration of Wema Bank’s digital transformation drive and deepen penetration across retail, small and medium enterprises (SME), and corporate segments.

He added that the additional capital would enhance the bank’s lending capacity to key productive sectors of the Nigerian economy.

According to him, the new equity capital would also support ongoing investments in technology, and human capital development — further strengthening operational efficiency and service excellence.

“Wema Bank remains steadfast in its mission to deliver superior value to shareholders, empower customers through innovative financial solutions, and contribute meaningfully to Nigeria’s economic growth and financial inclusion objectives,” Oseni said.